PayPal snaps up iZettle

The takeover comes less than three weeks after iZettle said it would list shares in Stockholm. The firm had been planning to raise more funds to expand its business. The takeover will enable iZettle to accelerate its international expansion including to the US.

PayPal will now have an in-store presence in 11 markets across Europe and Latin America.

Wells Fargo accelerates mobile experience with ‘Pay with Wells Fargo’

In an effort to improve mobile experience, Wells Fargo has added ‘Pay with Wells Fargo’ to its mobile app. Customers will be able to more easily access the aspects of the Wells Fargo Mobile app they frequently use.

The app will now have an option for customers to conveniently select their favourite payment features. The customer can pick their payment method even before signing into the app.

‘Pay with Wells Fargo’ is part of a longer strategy by the bank to improve the mobile banking experience. Aimed at meeting all banking needs, the app will make payments on-the-go even easier for the almost 22 million Wells Fargo customers.

Customers can now seamlessly select the payment feature they want to use and authenticate instantly to start sending payments, transfer money or make purchases through a digital wallet.

Automation in Action

The latest companies to use AI to streamline their workforce

Pandora Automates 5% of Workforce

Music streaming service and Spotify rival Pandora has announced that it is laying off about 5% of its workforce in a bid to save around $45m a year. Jobs across several departments are being automated, including advertising, marketing and investment, as part of a wider restructuring to the company in a bid to maintain its presence in the streaming market.

Online retail giant Amazon has cut hundreds of jobs at its Seattle headquarters as the company reorganises to remove older departments and shift a growing number of tasks onto AI-based software. The company, which is enjoying strong growth, is reportedly restructuring to support future ventures, cutting some operating costs in the process.

Canada-based Suncor Energy has announced the layoff of several hundred workers as the company introduces autonomous haul trucks into its Alberta-based oil sands operations. The layoffs, which have prompted strong reactions from unions, are likely to be only the start, with Suncor planning to build a fleet of over 150 driverless trucks over the next six years.

Once one of the biggest employment sources in the country, India’s IT industry saw layoffs totalling over 56,000 in 2017, and is expecting to see further job cuts in the coming year. The layoffs have been largely due to digitisation and automation, which have dramatically reduced the number of workers required to maintain current operational levels.